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Page Mill Flips 2000 Sierra Point After 8 Months

BRISBANE, CA-Page Mill Properties sells the 218,000-sf building here to an undisclosed buyer for $38.7 million, which is about $9 million more than it paid for the property in January.

By Brian K. Miller | Updated on September 28, 2005

BRISBANE, CA-Page Mill Properties has sold the 218,000-sf Hitachi building here to an undisclosed Bay Area-based investment group for $38.7 million after just eight months of ownership. Page Mill Properties, a $290-million commercial real estate investment fund sponsored by San Francisco-based Divco West, purchased the property in early January of 2005 for just under $30 million.

Completed in 1988, the building has 10 tenants. The anchor tenant, Hitachi America Ltd., used to own the building and still houses several of its divisions in about 60,000 sf there.

“The offer we received and ultimately accepted was unsolicited, and represented the increase in value on that property that we were expecting over the anticipated five-year hold period,” says Divco West co-founder David Taran. “Given current market dynamics in and around that particular location, we felt that the timing was right to sell this asset.”

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